The amount businesses spent on credit, fraud, risk and compliance data and analysis increased by 5.69 per cent last year, a recent study has shown.

In a new 112-page report, market research and business consulting firm Burton-Taylor revealed that companies invested approximately $21.1 billion (£16.1 billion) in these services in 2015.

Removing the effects of exchange rate fluctuations, spending would have grown by 7.53 per cent to $21.465 billion.

Specific findings showed that, while credit risk information remains the largest segment of this market, the fastest-growing sectors are anti-money laundering/know-your-customer (AML/KYC), fraud prevention and financial market risk data.

Both the AML/KYC and fraud prevention segments recorded double-digit five-year compound annual growth rates.

Douglas Taylor, founder and managing partner of Burton-Taylor, said: "Credit, fraud, risk and compliance data continues to be an incredibly hot market.

"Although credit risk is growing at a relatively slow pace, AML/KYC, fraud prevention, insurance risk and financial market risk and compliance information demand is more than making up for it."

Businesses have increased their spending in areas like AML, KYC, compliance and credit risk in recent years in response to the increased regulatory scrutiny and legislative obligations that followed the 2007-08 financial crisis.

In the UK, the Treasury has just launched a consultation seeking views on the incorporation of the EU's fourth AML directive and fund transfer regulation into British law.

It was also announced recently that Europol - the EU's law enforcement agency - had teamed up with Interpol and the Basel Institute on Governance to form a working group focused on money laundering with digital currencies.

The authorities said there is a "clear consensus" that digital currencies pose a money laundering and terrorism financing threat.